Daily Forecast for Crosses: November 03

By IBT Staff Reporter On 11/03/11 AT 1:52 AM

EURJPY Forecast

The EURJPY attempted to push higher yesterday, topped at 107.88 but whipsawed to the downside and hit 106.64 earlier today in Asian session. The bias is neutral in nearest term. Price is still in a critical technical point, struggling around the major trend line resistance as you can see on my daily chart below. Immediate support remains around 106.50. A clear break and daily close below that area could trigger further bearish pressure testing 104.95. On the upside, we still in a clear break and daily close above 108.00/15 to keep the bullish reversal scenario remain intact.

GBPJPY Forecast

The GBPJPY continued its bearish consolidation yesterday and now testing 124.00 support area. The bias is bearish in nearest term especially if price able to make a clear break below 124.00 testing 122.62 which could be a serious challenge to the double bottom bullish reversal scenario. Immediate resistance remains around 125.50 region. We need a clear break and daily close above that area to keep the double bottom bullish reversal scenario strong.

AUDUSD Forecast

The AUDUSD attempted to push higher yesterday, slipped above 1.0400 but whipsawed to the downside and hit 1.0209 earlier today in Asian session. The bias remains bearish in nearest term testing 1.0110. Immediate resistance is seen around 1.0260/80. A clear break above that area could lead price to neutral zone in nearest term but as long as stays above 1.0400 I still prefer a bearish intraday scenario at this phase.